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back really. i'm just focused on trying to figure out what to do in this environment like i would be in any which brings us to the stock market. already sending a message to washington perhaps about the necessity of a deal on the fiscal cliff. six out of the last seven sessions have been negative. down more than 5% on fears about it but you've been bringing up the market action similarity to a certain extent to 20 plus years ago. a year ago let's not forget we were starting to deal with europe. it did not end until we got ltro, long-term refinancing operations from ecb that said we're going to -- it's not going to go bankrupt today. that's when we were watching italy above 7%. today those ten-year yields up 4.5, 4.6. >> talk about how italy has come. the economy is better than other countries. northern part of italy is increasing industrial production. that's impressive. they never gave up. italian banks some are happy with no problems funding. the reason i go back which is of the analogy why i go back that far. that's a tuesday, wednesday thing in europe. you focus on when ecb me
. they can out maneuver us in a number of ways in the corporate environment, and make their companies much more competitive against the united states. >> host: so to the fbi, what is the fbi's role, doesn't have the resources and if somebody who former fbi, what would you say about its success so far? >> guest: so i think the fbi, particularly in the last five years or so has made significant strides. let me say first that this really is the response in this area needs to be the government as well as the private sector. when you're talking of the government, it's the whole of government. it's the intelligence community, department of defense, fbi, dhs et cetera. there's a whole host of government agencies. the fbi's role, the fbi as you know wears two hats. they have a criminal responsibility as well as a national security responsibility. and the fbi's role is really looking domestically to gather intelligence and mitigate the threat. and the fbi does that in a variety of ways, clicking intelligence, sharing it with others and government sharing it with the private sector. the primary goal
and the environment. the quality of life issues. host: walk us through the new leadership in china. guest: they cut it down by two. let's talk and more decisions. xi jinping will be the head of the military. host: his background. guest: he is to run large coastal provinces -- he used to run large coastal provinces. he has lineage with mao tse- tung. the person who will be the premier is ranked number two in the party. host: what is his background? guest: he came from a poor province. he has a ph.d. from a famous university in china. he has a solid command of english. he is seen as more of a reformer. host: is there a strong middle- class or is there a disparity between the poor and the wealthy in china? guest: that is the most serious problem for the leadership to address, social inequality. there are 200 million people are considered middle class. they are demanding an expecting different things from the leadership that they may or may not be able to deliver. host: the president is circling china through southeast asia and not going to china. is that a political message to china? guest: china will
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